Shimano buys Pearl Izumi

Nautilis will sell its Pearl Izumi sports apparel segment to Shimano for $65.3 million and assume $4.2 million in debt. The sale comes after Nautilus reported disappointing earnings and after Nautilus lost a proxy battle in which New York turnaround firm Sherborne Investors LP won two director seats and Sherborne partner Edward Bramson became chairman of Nautilus.